U.S. Representative Kathy Castor (D-FL) today announced local, state and federal initiatives to address the housing crisis.

At a press conference in East Tampa, Castor highlighted the efforts of local organizations like the Corporation to Develop Communities (CDC) of Tampa, St. Petersburg Neighborhood Housing Services, ACORN and First Housing to help those facing foreclosure. She also underscored plans in Congress to bring relief to homeowners and borrowers in the Tampa Bay area.

She was joined by Isaline Wyatte, who last month was about to lose her home due to foreclosure. Wyatte was able to save her home with help from the CDC of Tampa.

"I want to tell those facing financial troubles, that there’s help out there," said Castor. "We are standing here in front of Isaline Wyatte’s home. Last month, Isaline’s lender told her that her house was going to be auctioned off. Instead of panicking, Isaline picked up the phone, called the CDC of Tampa, and got the help that she needed to save her home. Today, we are celebrating a success story. I want my hard-working neighbors in District 11 to realize that just like Isaline, they too can get help."

Foreclosures reached an all-time high this spring, and Florida was among the leading states. Congress is working towards a comprehensive strategy to target the housing crisis and Congresswoman Castor is involved in finding solutions for her hard-working neighbors.

"Much of this crisis is due to the fact that consumers receive bad loans, and end up with sub-prime loans and homes that they are unable to pay for," said Castor. "In Congress, I am working hard to put an end to the crisis and the rise in predatory lending."

Some of the initiatives Congress is working on include:

Other federal initiatives include:

• The Financial Services Roundtable has teamed up with NeighborWorks and the Homeownership Preservation Foundation on a nationwide campaign to educate consumers and avoid foreclosures. They have set up a helpline for at-risk consumers to call: (888) 995-HOPE.

• Fannie Mae has begun working with state housing finance agencies to help at-risk consumers and Freddie Mac pledged substantial amounts to purchase fixed-rate and hybrid mortgages that will provide lenders with better choices to offer sub-prime borrowers.

"To the extent that the system did work, it is because of prudent regulation and oversight," said Castor. "Where it was absent, the result was a tragedy for hundreds of thousands of families who have lost their homes."

"All Americans should be protected against predatory lenders," Castor continued. "We will put the best ideas and protections to work for every mortgage borrower, regardless of where they live or what institution they borrow from. The promise of homeownership is empty if the result is foreclosure. Lenders should not make loans that they know the consumer cannot pay back. Consumers should get a simple, understandable, and meaningful disclosure of their loans' terms. We cannot return to redlining. We must remember that before predatory lending provided excessive bad credit, many communities had little access to credit at all. We must end discriminatory lending practices."

Castor reminded her neighbors facing foreclosure that they can get assistance from local organizations like the CDC of Tampa, St. Petersburg Neighborhood Housing Services, ACORN and First Housing.

"Remember, be proactive, pick up the phone, call 1-888-995-HOPE, don’t wait," Castor said.